Sino-Russian trade on track to hit $200bn by 2020, insists Medvedev

A growth in demand for agricultural products and a number of major infrastructure projects will help pump Sino-Russian trade to $200bn within five years despite the two countries’ current economic troubles, Russia’s Prime Minister Dmitry Medvedev said yesterday as he prepared for a visit to China. “The situation in the global economy is complicated now, and this affects all countries without exception,” he said. “The… falling trade turnover between Russia and China; is mostly down to the slump in oil prices.” He also confirmed that the nature of bilateral trade had changed, with agricultural and high added-value products and products accounting for a higher proportion than in previous years. “This [the growth in high added-value goods] is helping diversify the Russian economy and is encouraging companies to aim for more active integration in the global economy,” he aded. Moscow and Beijing were also close to reaching an agreement on the exchange of information on goods and transport between Eurasian Economic Union and China. “This agreement will offer favourable conditions for the development of practical cooperation and for attracting long-term investments, for mechanism to ease and stimulate trade, and to harmonise standards, technical requirements and customs administration regulations.”